Marketing Essentials Kowledge Quiz Questions! Trivia

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Quizzes Created: 3 | Total Attempts: 2,926

Questions: 7 | Attempts: 1,600 | Updated: Mar 22, 2023

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Marketing Essentials Kowledge Quiz Questions! Trivia - Quiz

What do you remember from Chapter 1? This quiz will help you determine what areas you need to study more.
Good Luck!

Questions and Answers

1.

What are the four P's of the Marketing Mix?
- A.
  
  People, Place, Promotion, Price
- B.
  
  Place, Price, Promotion, Product
- C.
  
  People, Product, Price, Place
Correct Answer
B. Place, Price, Promotion, Product

Explanation
The four P's of the Marketing Mix are Place, Price, Promotion, and Product. These elements are essential for creating a successful marketing strategy. "Place" refers to the distribution channels and locations where the product will be sold. "Price" involves determining the cost of the product and pricing strategy. "Promotion" includes advertising, sales promotions, and other marketing communication activities. Finally, "Product" refers to the actual goods or services being offered to customers.

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2.

What are the two types of markets we discussed in Chapter 1?
- A.
  
  Consumer and Industrial (Business-to-Business or B-t-B)
- B.
  
  Retail and Wholesale
- C.
  
  Business and Government
Correct Answer
A. Consumer and Industrial (Business-to-Business or B-t-B)

Explanation
The two types of markets discussed in Chapter 1 are consumer markets and industrial markets (also known as Business-to-Business or B-t-B markets). Consumer markets involve the buying and selling of goods and services to individual consumers for personal use. Industrial markets, on the other hand, involve the buying and selling of goods and services between businesses for commercial purposes. This distinction is important as it helps businesses understand the different dynamics and strategies required to cater to these two types of markets.

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3.

A consumer and a customer are one in the same?
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement "A consumer and a customer are one in the same" is false. While these terms are often used interchangeably, they have slightly different meanings. A consumer refers to an individual who uses or consumes a product or service, whereas a customer refers specifically to someone who purchases or pays for a product or service. Therefore, it is possible for someone to be a consumer without being a customer, such as when they receive a free sample or use a product without purchasing it.

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4.

Check 3 boxes below that are the 3 economic benefits of marketing
- A.
  
  New and improved products
- B.
  
  Increased quantity
- C.
  
  Added value and utility
- D.
  
  Lower Prices
- E.
  
  More competition
- F.
  
  Entertaining ads
Correct Answer(s)
A. New and improved products
C. Added value and utility
D. Lower Prices

Explanation
The three economic benefits of marketing are new and improved products, added value and utility, and lower prices. Marketing helps to stimulate innovation and the development of new and improved products, which can drive economic growth. Additionally, marketing adds value to products by creating a perception of quality and utility, which can lead to increased demand and higher prices. Finally, marketing can also lead to lower prices through increased competition and efficiency in the marketplace.

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Current Version
Mar 22, 2023

Quiz Edited by
ProProfs Editorial Team
Sep 11, 2012

Quiz Created by
Byrnsmjr

Marketing Essentials Kowledge Quiz Questions! Trivia

What are the four P's of the Marketing Mix?

What are the two types of markets we discussed in Chapter 1?

A consumer and a customer are one in the same?

Check 3 boxes below that are the 3 economic benefits of marketing